Will a New York couple’s marriage suffer when the husband veers into insider trading?

The Privileges: A Novel. By Jonathan Dee. Random House, 258 pp., $25.

By Janice Harayda

Adam and Cynthia Morey – young, rich New Yorkers with two beautiful children – are the marital equivalent of a highly profitable but closely held company: two chillingly self-sufficient people who show little need for the family, friends, and faith of their youth. They are also, in the fine phrase of James Wood of The New Yorker, “moral invertebrates.” You can read their marriage as a metaphor for Wall Street in the age of deregulation – it makes its own rules. So you can’t assume that the Moreys or their children will suffer after Adam becomes the prime mover of an insider-trading scheme that exploits information picked up at his private-equity firm.

This uncertainly lends a modicum of suspense to this tale of the first 23 years of the couple’s marriage. But The Privileges is a low-energy and somewhat exposition-heavy novel that has an appeal more intellectual than emotional. The Moreys resemble figures in the carpet of a certain New York social world instead of fully realized characters. And many of their actions are unearned, including some of Cynthia’s cruelties to others and Adam’s abrupt tossing of a Patek Philippe watch into the Hudson River during a charity benefit on a ship.

Jonathan Dee is an intelligent and graceful writer who never trivializes his subjects. And he shows you what this novel might have been in a climatic scene in a hospice that brings in two characters from the sidelines who finally make you feel all you ought to feel for the Moreys’ victims. Elsewhere, if Adam and Cynthia are moral invertebrates, Dee leaves you looking at them through the glass walls of a diorama and not, as you would like to be, standing inside it with them.

Best line: No. 1: “After four years at Morgan Stanley, an operation so vast that Adam’s true bosses existed mostly on the level of gossip and rumor, a feeling of toxic stasis had begun to provoke him in the mornings when he arrived at work.” No. 2: “‘If you’re ever hard up for money, just fly the family to LA, and both kids will have agents before they’re out of baggage claim,’ Conrad said.”

Worst line: “Unconsciously she pulls at the neckline of her bridesmaid’s dress to try to keep her tattoo covered.”If she’s trying to keep her tattoo covered, is the movement really “unconscious”?